Profitable Underwriting
To truly transform Underwriting into a sustainable, profit-producing endeavor, where premiums consistently exceed claims, Insurance companies have to reinvent their Underwriting processes. Underwriting can no longer remain the highly intuitive discipline it has been in the past, with decisions based on agent submissions, coupled with a bit of “gut feel.” Risk categories have to move beyond the “preferred,” “favorable” and “unfavorable,” gaining granularity and nuance. The science of underwriting needs to play as significant a role as its “art.”
Explosion of new technologies such as Internet of Things (IoT), Drones ,Wearables, Geo-spatial, Automation, Mobile, Social and Big Data to name a few, are fueling the complexity in underwriting. In the pursuit to remain competitive and profitable, insurers are compelled to increase rigor in underwriting, use a wide variety of data elements from internal & external sources, use geo-spatial intelligence, predictive analytics and more.
LTIMindtree has been helping leading insurance companies in transforming the underwriting function to bring in rigor, efficiency and control, by leveraging advances in technology and the availability of data. The approach is focused on allowing the underwriters save time in gathering data, and focusing more on analysis & decision-making.
The following business benefits are derived:
- Granularity of risk analysis and enabling pricing adequacy
- Improved underwriting productivity and throughput
- Greater consistency in decision-making and strong governance of the underwriting process
Reach us
Risk Assessment and Quantification
Geo-Exposure Analysis
Risk Accumulation Management
Price Benchmarking
Bureau Maintenance
AccuRUSITM
